Digital Economy refers to the new economy which is based on information communication and computer technology. It is also called Internet Economy.
Everything is going digital. Earlier there was giant computers on big rooms. Now we use smart technology products as hand band, mobile, tab, glasses etc. Presence of digital infrastructures and widespread adoption of technologies in daily life is transforming our work, entertainment, education, transportation, communication, healthcare and business. This changes brought new phase of economy which is called digital economy.
Significance of Digital Economy
Digital Economy has opened new horizons. Now you can work for an American firm sitting in Bangladesh. Technology brings us closer in terms of ease of communications. It also opens millions of windows of innovations and opportunities. A website now can earn a billion and generates thousands of jobs. Even you can get your dream project funded by crowd with the help of internet.
Digital Economy is developing rapidly. It is building huge Small and medium-sized enterprises (SMEs). Those SMEs are generating new jobs and strong middle-earning class of people. These earner class of people are more interested in education and hard work for a satisfactory career. They are also inclined to use technology, which drives higher demand of new technology. Thus digital economy develops more people’s livings and also get developed by itself. It is also contributing for prosperous future for Bangladesh Economy. Check out what’s there for Bangladesh in 2050?
Digital Economy of Bangladesh:
The first time Bangladesh had Coinbox Telephone service was in 1985. Bangladesh Telegraph and Telephone Board (BTTB) introduced the services. The next phase started in 1989 when Pacific Bangladesh Ltd. got license for cellular telephony. The mobile telephony got mass attraction after 1996 when Grameen Phone and Aktel got licenses. Teletalk, the govt. owned company was launched in 2004 when the country was enjoying overwhelming growth in mobile subscribers.
In February 2016, there are 6 mobile phone operators in Bangladesh serving 131.085 millions subscribers. Among those mobile subscribers 42.3% uses Internet services, which is 55.512 million in number. In total there are 58.317 million internet users comprising of Mobile Internet, WiMax, ISP and PSTN.
Launching 3G Internet services fueled the growth of Internet users in Bangladesh. But the digital payment systems are yet to be up to mark for growth in eCommerce. Digital payment system providers have started exploring the country and few of them already launched their services.
Mobile Financial Services (MFS) created a great buzz in the country powered by bKash. It gives banking and payment services to the huge unbanked population of the country. The services are easy, problem solving and less costly. As Bangladesh follows bank-led model for MFS, 18 banks are operating such services as of January 2016.
Radios have stepped into the age of FM Radio, but online radios are yet to get popularity. There are around 30 Television channels. The country is preparing for its first geostationary communications satellite named “The Bangabandhu-1 (BD-1)”. Bangladesh Telecommunication Regulatory Commission (BTRC) expects to launch the satellite in 2017.
Bangladesh got connected to Internet in 1996 for the first time which is somewhat late. But the country is witnessing growth on Internet users mainly driven by mobile operators. After price wars on voice services, now Internet is the most promising avenue of revenue for the mobile operators.
The country is connected to “South-East Asia – Middle East – Western Europe 4” submarine cable landed in Cox’s Bazar. It will get another submarine cable connectivity by proposed “South-East Asia – Middle East – Western Europe 5”.
Since the early days of Internet in Bangladesh, outsourcing got new source of cheap labor. Freelancers started working for data entry, call center agent and many other tasks. As education on technology advances in the country, the quality of the freelancers also got developed. Followed by the youth interest in the sector government is planning establish IT parks in the country.
“Digital Bangladesh” is one of the mandate for current ruling party of the country. Till now the govt. institutions are making their presence in the internet. But there are miles to go. Digital governance is expected to be established by 2021.
The digital economy is pioneered and driven by the youth segment of Bangladesh. It is promising that government has given prime focus on it. Now it’s time for proper implementations by govt. and maximum innovation and utilization by the people.
Digital Economy of Bangladesh needs Digital Security like Digital Signature. Check out the Market Entry Strategy in Bangladesh Digital Signature Industry